Today, Wednesday, October 23, the Supreme Court has set aside the verdict of the National Company Law Appellate Tribunal (NCLAT) that had halted the insolvency proceedings against EdTech company BYJU'S.
This was done by a bench led by Chief Justice of India (CJI) DY Chandrachud, according to a report by PTI.
The order of NCLAT approving BYJU'S Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI) was also reversed by the bench.
The amount is to be deposited by BCCI with a committee of creditors, the bench, which also comprised justices JB Pardiwala and Manoj Misra, directed.
The bench had taken up the appeal by US firm Glas Trust Company LLC against the NCLAT order and was delivering its verdict.
It said that application of mind was not done by NCLAT while wrapping up the insolvency proceedings against BYJU'S. The bench ordered fresh adjudication in the case.
It may be recalled that on August 2, the NCLAT, granting relief to BYJU'S, set aside the insolvency proceedings against it after approving its Rs 158.9 crore dues settlement with the BCCI.
However, on August 14, the apex court termed the NCLAT verdict "unconscionable".
Notices were issued to BYJU'S and others on the appeal of Glas Trust Company LLC, the ed-tech firm's US-based creditor, against the judgement of the insolvency appellate tribunal.
